OUNZ vs. GLD

Last updated Jun 23, 2026

OUNZ (VanEck Merk Gold ETF) and GLD (SPDR Gold Shares) are both Gold funds - OUNZ tracks the LBMA Gold Price PM ($/ozt) while GLD tracks the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, OUNZ returned 11.90%/yr vs 11.80%/yr for GLD. With a 0.99 correlation, they move nearly in lockstep. OUNZ charges 0.25%/yr vs 0.40%/yr for GLD.

Performance

OUNZ vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Merk Gold ETF (OUNZ) and SPDR Gold Shares (GLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with OUNZ having a -2.87% return and GLD slightly lower at -2.96%. Both investments have delivered pretty close results over the past 10 years, with OUNZ having a 11.90% annualized return and GLD not far behind at 11.80%.

OUNZ

• 1D: -0.64%
• 1M: -7.06%
• YTD: -2.87%
• 6M: -5.69%
• 1Y: 24.20%
• 3Y*: 29.41%
• 5Y*: 18.44%
• 10Y*: 11.90%

GLD

• 1D: -0.65%
• 1M: -7.06%
• YTD: -2.96%
• 6M: -5.79%
• 1Y: 24.01%
• 3Y*: 29.23%
• 5Y*: 18.28%
• 10Y*: 11.80%

*Multi-year figures are annualized to reflect compound growth (CAGR)

OUNZ vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OUNZ VanEck Merk Gold ETF	-2.87%	63.95%	26.75%	12.83%	-0.51%	-4.00%	24.71%	18.00%	-2.06%	12.82%
GLD SPDR Gold Shares	-2.96%	63.68%	26.66%	12.69%	-0.77%	-4.15%	24.81%	17.86%	-1.94%	12.81%

Correlation

The correlation between OUNZ and GLD is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since May 16, 2014	0.99

The correlation between OUNZ and GLD has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

OUNZ vs. GLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

OUNZ

OUNZ Risk / Return Rank: 24
OUNZ Sharpe Ratio Rank: 26
OUNZ Sortino Ratio Rank: 23
OUNZ Omega Ratio Rank: 28
OUNZ Calmar Ratio Rank: 22
OUNZ Martin Ratio Rank: 22

GLD

GLD Risk / Return Rank: 24
GLD Sharpe Ratio Rank: 25
GLD Sortino Ratio Rank: 23
GLD Omega Ratio Rank: 27
GLD Calmar Ratio Rank: 22
GLD Martin Ratio Rank: 22

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

OUNZ vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Merk Gold ETF (OUNZ) and SPDR Gold Shares (GLD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	OUNZ	GLD	Difference
Sharpe ratio: Return per unit of total volatility	0.89	0.88	+0.01
Sortino ratio: Return per unit of downside risk	1.25	1.24	+0.01
Omega ratio: Gain probability vs. loss probability	1.19	1.18	0.00
Calmar ratio: Return relative to maximum drawdown	1.00	0.99	+0.01
Martin ratio: Return relative to average drawdown	2.72	2.68	+0.04

OUNZ vs. GLD - Sharpe Ratio Comparison

The current OUNZ Sharpe Ratio is 0.89, which is comparable to the GLD Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of OUNZ and GLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

OUNZ vs. GLD - Drawdown Comparison

The maximum OUNZ drawdown since its inception was -24.36%, smaller than the maximum GLD drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for OUNZ and GLD.

Drawdown Indicators

	OUNZ	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-24.36%	-45.56%	+21.20%
Max Drawdown (1Y) Largest decline over 1 year	-24.36%	-24.46%	+0.10%
Max Drawdown (3Y) Largest decline over 3 years	-24.36%	-24.46%	+0.10%
Max Drawdown (5Y) Largest decline over 5 years	-24.36%	-24.46%	+0.10%
Max Drawdown (10Y) Largest decline over 10 years	-24.36%	-24.46%	+0.10%
Current Drawdown Current decline from peak	-22.35%	-22.45%	+0.10%
Average Drawdown Average peak-to-trough decline	-7.62%	-16.16%	+8.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.92%	8.97%	-0.05%

Volatility

OUNZ vs. GLD - Volatility Comparison

VanEck Merk Gold ETF (OUNZ) and SPDR Gold Shares (GLD) have volatilities of 7.99% and 8.05%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OUNZ	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.99%	8.05%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	24.12%	24.31%	-0.19%
Volatility (1Y) Calculated over the trailing 1-year period	27.34%	27.56%	-0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.13%	18.22%	-0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.11%	16.10%	+0.01%

OUNZ vs. GLD - Expense Ratio Comparison

OUNZ has a 0.25% expense ratio, which is lower than GLD's 0.40% expense ratio.

Dividends

OUNZ vs. GLD - Dividend Comparison

Neither OUNZ nor GLD has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both OUNZ and GLD in my portfolio?

With a correlation of 1.00, OUNZ and GLD move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, OUNZ or GLD?

GLD has higher volatility (8.05%) compared to OUNZ (7.99%). In terms of maximum drawdown, OUNZ dropped -24.36% vs GLD's -45.56%.

Which ETF is better, OUNZ or GLD?

On 10-year performance, OUNZ leads with 11.90% vs 11.80% for GLD. On fees, OUNZ is cheaper at 0.25% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OUNZ or GLD?

Over the 10-year period, OUNZ has performed better with a 11.90% return vs 11.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OUNZ or GLD?

OUNZ is cheaper with a 0.25% expense ratio, compared with 0.40% for GLD.

Which ETF pays a higher dividend yield, OUNZ or GLD?

OUNZ and GLD have nearly identical dividend yields, around 0.00%.

What is the main difference between OUNZ and GLD?

OUNZ tracks LBMA Gold Price PM ($/ozt), while GLD tracks LBMA Gold Price PM. They also come from different issuers: VanEck and State Street. Their fees differ too: 0.25% for OUNZ and 0.40% for GLD.

Which has better risk-adjusted returns?

OUNZ currently has the higher Sharpe Ratio (0.89 vs 0.88), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.